Rep. Michael McCaul, R-Texas, said it is essential for the United States to protect its intellectual property and loosen its reliance on China's supply chain to win the race for quantum computing, artificial intelligence (AI) and semiconductor chip supremacy. You know, we had the Russians and we won that race. We have to win this one," McCaul told Fox News Digital at the Milken Global Conference. McCaul, the House Foreign Affairs Committee Chair, said that whoever gets to quantum first is going to rule the world. Additionally, China has been very clear that their 100-year goal is to enact complete "military and economic domination of the world," a mission that McCaul asserted the U.S. cannot allow to happen. U.S. investors have pushed billions into China's AI sector, a February report from CSET showed. China is currently investing heavily in quantum computing, AI and advanced weapons systems. As such, McCaul stressed the importance of U.S. corporations working to protect their intellectual property. "We have to stop exporting our technology to China that they can put in things like the hypersonic missile, for instance, or the spy ballon, for that matter, had American parts in it, component parts," McCaul said. Despite the national security concerns, McCaul noted that the U.S. can work with China's extensive market as long the country understands the critical supply chains intertwining the two nations. One of these critical supply chains involves semiconductors. McCaul first introduced the CHIPS for America Act in 2020, and it was signed into law in August 2022. The Act provides $280 billion in new funding to bolster domestic manufacturing and research for semiconductors domestically. McCaul said the Act is part of a broader effort to pull semiconductor reliance out of Taiwan and South Korea. In fact, TSMC, the world's largest semiconductor foundry, is located on the island of Taiwan. "You know, I introduced the CHIPS bill to try to move some of that out of country.